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<ul><li>The Society of Manufacturers of Electric Vehicles (<keyword id="2746593" type="General" weightage="20" keywordseo="smev" source="Orion">SMEV</keyword>) has sent a petition to a Parliamentary Standing Committee on unpaid subsidies.</li><li>The industry body said the allegations against EV manufacturers regarding violation of localisation norms were ‘fake’ and ‘mischievous’,</li><li>The EV body highlighted the disruptions caused by Covid-19 for two years and the 12-month delay in subsidies.</li></ul>Electric vehicles (EVs) have become quite popular in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> over the past few years, with traditional companies also jumping on the EV bandwagon. In addition to the rising fuel prices, another major cause for adoption of EVs in the country has been the subsidy provided by the government as part of the Faster Adoption and Manufacturing of Electric Vehicles (<keyword id="6523642" type="General" weightage="20" keywordseo="fame-ii" source="Orion">FAME-II</keyword>) scheme. The Society of Manufacturers of Electric Vehicles (SMEV), an association of Indian EV manufacturers has sent a petition to the Parliamentary Standing Committee on Electric &amp; Hybrid Mobility, Energy, and Estimates, raising the issue of subsidies. <cmsannotation type="cmsannotation" annotationid="Subsidies worth ₹1,200 crore withheld" comment="subhead" text="Subsidies worth ₹1,200 crore withheld">Subsidies worth ₹1,200 crore withheld</cmsannotation> SMEV has said that ₹1,200 crore worth of subsidies have been withheld, causing a serious liquidity crisis in the industry. This is holding up the industry despite the supply chain being ready, it said. “Current trends are showing a slowing down of EV adoption due to the financial stress for the industry, which has been besieged by irritants designed to disturb the momentum of FAME 2,” SMEV said. The industry body has gone as far as to say that the unpaid subsidies are killing the EV revolution in the country. <cmsannotation type="cmsannotation" annotationid="EV body claims emails that brought FAME-II under government lens are fake" comment="subhead" text="EV body claims emails that brought FAME-II under government lens are fake">EV body claims emails that brought FAME-II under government lens are fake</cmsannotation> For those unaware of the issue, the FAME-II scheme, which was announced in 2019 has been under the government’s scanner for some time now. A<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> report</a> in 2022 even suggested that the government may re-work the scheme. The controversy around the scheme began when a whistleblower claimed that EV makers were violating the localisation norms and claiming fraudulent subsidies. SMEV, however, dismissed these as “mischievous emails” and claimed that the delay in subsidies has been due to these emails. “Most of the debate on localisation - the prime misdemeanours held against OEMs (original equipment manufacturers) so far - is a matter of degrees and a subject of minor negotiations. Most OEMs have struggled over the last three years to secure local parts that adhere to quality standards but have achieved localisation to greater or smaller degree providing for availability,” SMEV said. <cmsannotation type="cmsannotation" annotationid="SMEV credits FAME-II for EV revolution" comment="subhead" text="SMEV credits FAME-II for EV revolution">SMEV credits FAME-II for EV revolution</cmsannotation> The EV body highlighted the importance of the government’s FAME-II scheme in helping the EV industry and paving the way for an EV revolution in the country. “SMEV believes that FAME 2 initiative is a path­ breaking, pioneering policy architecture that has not only opened up the EV sector dramatically, but has prepared the market to take off in full swing”, the association said. FAME got derailed by the ‘fake emails’ the industry body claimed. Talking about the challenges faced by the EV manufacturers, the body highlighted the disruptions caused by Covid-19 for two years and the 12-month delay in subsidies. The delay in subsidies has squeezed the working capital of companies that have already passed on the benefit to customers, resulting in a drop in industry volumes. SMEV has called for the industry and the government to work together to solve the issues and put the country back on track to meet its e-mobility targets. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Unpaid subsidies worth ₹1,200 crore leading to ‘serious liquidity crisis’ among EV makers, says industry body

Electric vehicles must be considered for priority lending by the government to accelerate their adoption, while sufficient funds must also be allocated for R&amp;D in a public-private partnership mode for development of batteries, industry body <keyword id="2746593" type="General" weightage="100" keywordseo="smev" source="Orion">SMEV</keyword> said on Thursday. In its Budget wish list, the <keyword id="481834" type="General" weightage="20" keywordseo="society-of-manufacturers-of-electric-vehicles" source="Orion">Society Of Manufacturers Of Electric Vehicles</keyword> (SMEV) also said there is a need to amend the PLI scheme for automobile and auto components, as in its current form there is an "unfair price disadvantage" for small and medium-size EV players in the industry. "To create a robust ecosystem for electric vehicles and give a boost to the EV market, the government could look at putting EVs in the priority lending sector. It will help citizens afford EVs at lower interest rates," SMEV said in a statement. Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to present the Union Budget for FY 2022-2023 on February 1. Stressing on the need for R&amp;D in battery manufacturing, the body of EV makers said, "unless we work seriously and diligently on EV batteries, we will end up in a situation similar to, if not worse than, our dependence on crude oil." The current level of research is abysmally low, diluted, and scattered, it said adding, "the government could allocate sufficient funds for R&amp;D in a public-private partnership mode with a time-bound objective to create EV batteries that are less dependent on offshore minerals and best suited to the Indian condition." The PLI scheme for Advanced Chemistry Cell (ACC) can be suitably amended to incentivise the R&amp;D efforts, it added. SMEV said while the scheme will certainly have incentives for the large players, it is also creating an unfair price disadvantage for small and medium-size EV players who are not qualifying for the incentives under the scheme due to their size, turnover, and backgrounds. "Hence, we request the government to create a level playing field through amendments in the scheme so that MSME EV players, all the pre-existing and new players can also participate," it said. Under the current PLI scheme for automobile and auto components, among other criteria, an automobile company or group firm with existing presence in India or globally needs to have a minimum of Rs 10,000 crore revenue, while for auto components, the minimum revenue requirement is Rs 500 crore. On the other hand, for new non-automotive investor companies or group companies, which are currently not in automobile or auto component manufacturing business, such entities should have a global net worth of Rs 1,000 crore based on audited financial statements for year ending March 31, 2021. The industry body also sought export concessions for EVs in order to make manufacturers in India cash in on the growing demand for such vehicles across the globe. "Some incentives can be extended in the form of subsidies to be enjoyed by domestic consumers for exporting such vehicles to get a global stamp on electric vehicles. This is a large space that Indian industries can capture before international players invade the market with cheaper contraptions," SMEV asserted. Besides, in order to promote EVs, SMEV also mooted a citizen reward programme for EV users which can be used at various establishments and occasions to access fast track services or acquire points for the rewards and inclusion of clean air campaign in Swachh Bharat mission. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a> <a href="https://www.businessinsider.in/business/auto/news/tesla-is-facing-a-lot-of-challenges-in-entering-the-indian-market/articleshow/88868786.cms">Tesla is facing a lot of challenges in entering the Indian market, says Elon Musk</a> <a href="https://www.businessinsider.in/business/auto/news/jaguar-land-rover-sales-are-still-down-but-analysts-say-tata-motors-is-healing/articleshow/88867893.cms">JLR sales are still down but analysts say Tata Motors is healing</a>

Bring EV financing under priority sector lending, urges SMEV

New Delhi, Dec 24 () Auto industry body SIAM on Tuesday said the electric vehicle policy announced by the Delhi government would help encourage consumers to adopt electric vehicles.
 Some of the welcome announcements in the policy include measures which would make electric vehicles affordable and acceptable, Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said in a statement.
 These include purchase incentives, interest subvention, scrappage incentive, waiver on road tax, waiver on registration and parking fees and measures to push charging infrastructure, he added.
 Similarly, Society of Manufacturers of Electric Vehicles (SMEV) also lauded the policy unveiled by the Delhi government.
 "We are delighted to see the Delhi government take the lead in making EVs more appealing to customers...I am thankful that the government considered most of our recommendations including the conversion of commercial ICE vehicles into electric, E-bike taxi and more such alternatives as they are the key drivers in taking the e-mobility momentum forward," SMEV Director General and Hero Electric CEO Sohinder Gill said.
 These additional incentives apart from the subsidy offered by the central government would definitely encourage more people to switch to clean mobility, he added.
 With the introduction of this policy, SMEV is certain that Delhi will lead by example and more states will also emulate such measures to give a boost to the EV industry.
 "If a similar policy is adopted at the national level, we are confident that the electric mobility revolution at a mass scale will kickstart in the country," Gill noted.
 On Monday, the Delhi Cabinet gave approval to an electric vehicle policy.
 Under the Delhi Electric Vehicle Policy 2019, the city government is providing a subsidy of Rs 5,000 per kWh of battery capacity on the purchase of two-wheelers. Incentive of up to Rs 5,000 will be offered for scrapping a non-electric two-wheeler vehicle and switching to an electric vehicle.
 The purchase subsidy of four-wheelers is Rs 10,000 per kWh of battery capacity for the first 1,000 cars subject to a cap of Rs 1,50,000 per vehicle. The Delhi government also aims to transition 50 per cent of the newly-purchased buses into electric buses by 2024 and 100 per cent by 2030. There will be no road tax on registration fees on electric vehicles.
 All two-wheelers engaged in last-mile deliveries, such as food delivery vehicles, courier services, and e-commerce logistics, will be expected to transition 50 per cent of their fleet to electric by March 2023, and 100 per cent of their fleet to electric by March 2025, stipulates the policy.
 The purchase subsidy on electric autos, e-rickshaws, and e-carriers is up to Rs 30,000 and loans on a subsidy of 5 per cent will be provided to them, he said.
 The electric vehicle policy will be implemented through a board to be constituted by the city. MSS ANU
ANU

SIAM, SMEV welcome electric vehicle policy of Delhi govt

New Delhi, Apr 15 () Society of Manufacturers of Electric Vehicles (SMEV) on Tuesday said extension of the lockdown is the right move although there will be certainly an adverse impact on the operations of its members for the next 1-2 months.Describing the situation as a testing time for the EV industry, SMEV Director General Sohinder Gill said it is also time for its members to conserve cash, take care of workmen and utilise this time to plan ahead."Looking at the current situation in the country, the extension of the lockdown is the right move. Though there will be certainly an adverse impact on the operations for the next 1-2 months, I believe that we will be able to save lives of thousands and emerge as a healthier nation," Gill said in a statement.He further said,"this is the testing time for the EV industry which is at nascent stage and I appeal to all the stakeholders to conserve cash, take care of our workmen and utilize this time to plan ahead."Gill expressed confidence that "the industry will be able to spring back into action to recover the losses due to this shutdown". Earlier in the morning, Prime Minister Narendra Modi anounced extension of the ongoing nationwide lockdown till May 3 with an aim to combat the COVID-19 pandemic. RKL RUJRUJ

Lockdown extension right move, adverse impact on EV sector in next 1-2 months: SMEV

New Delhi, Jan 5 () Mass segment electric two-wheeler makers are learning to "live without government support" as FAME II scheme to promote electric mobility has not met its objective, according to industry body SMEV.
 The Society of Manufacturers of Electric Vehicle (SMEV) said after getting a "shock" when FAME II was implemented from April 1, 2019, the industry has devised ways to keep afloat by selling low to mid-speed vehicles, which don't qualify for incentives at heavy discount but incurring losses in the process.
 "Industry got a big shock when FAME II started. People are now learning to survive without government assistance to some extent at least. The result of this is that subsidised vehicle sales have dropped drastically but industry sales has not dropped," SMEV Director General Sohinder Gill told .
 He was responding to a query on the impact of FAME II on the electric two-wheeler market.
 Gill further said, "If it was only customer-incentivised vehicles (under FAME II), the industry would have totally collapsed."
 As per SMEV data, sales of FAME II qualified electric two-wheelers in April-December 2019 period stood at just 3,000 units as against 48,671 units in the year-ago period when FAME I was in place, a decline of 93.84 per cent.
 On the other hand, as per industry estimates, non-subsidised electric two-wheeler sales stood at 49,000 units during the period as compared to around 10,000 units in the year-ago period when FAME I was in place.
 "What happened was that many players came with alternate products and models and tried to make some business out of it. Prices of subsidised products have become very high so the industry had to resort again to bring mid- and entry-level products to get volumes with heavy discounts," he added.
 Gill said many companies are now making more losses than earlier.
 Expressing similar views, Hero Electric Managing Director Naveen Munjal said that technically one year has almost been "wiped out from our balance sheet" and the company is only going ahead as it makes senses "in the long run and in the bigger scheme of things but we are bleeding in the process". 
 Pointing out that FAME II hasn't met its objective, Gill said, "Market should have shifted towards higher speed and greater performance, which has not happened."
 He further said, "In the current avatar of FAME II, you will find volumes (for incentivised electric two-wheelers) very very low." 
 Gill, however, expressed optimism that from next year onwards volumes will start coming back in a much better way "not because of government incentives" but due to the business models that companies have pursued such as focussing on low- and mid-range models, and B2B deliveries.
 He said the government needs to have a rework on FAME II, especially eligibility criteria based on range and battery power while also relaxing localisation level, which will be 75 per cent from March this year, up from 50 per cent since March 1, 2019.
 "Internal combustion engine vehicles, even after 40-50 years have not reached 75-80 per cent localisation. So in electric mobility they expect that 75 per cent must be localised from March 1, 2020," Gill lamented. 
 He cautioned that if "FAME II is not reworked, industry will bottom out".
 "They will still get volumes but subsidised products will be very less. The market will continue to sell products, which are liked by customers which are low- and mid-speed range," he said. RKL MKJ

Electric 2-wheeler makers learning to survive without subsidy, FAME II not worked: SMEV

<keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>, EV startup <keyword id="5489470" type="General" weightage="100" keywordseo="simple-energy" source="Orion">Simple Energy</keyword> is looking to roll out two new <keyword id="440919" type="General" weightage="20" keywordseo="e-scooters" source="Orion">e-scooters</keyword> in the next quarter which would be attractively priced for the consumers, its founder Suhas <keyword id="6357789" type="General" weightage="80" keywordseo="rajkumar" source="Orion">Rajkumar</keyword> said. With the introduction of affordable e-scooters, the company is expecting to retain not only the existing investors but also onboard institutional players and family offices globally for its proposed USD 100-million fund-raise, Rajkumar told PTI. The company last month launched its maiden premium e-scooter Simple ONE, at Rs 1.45 lakh and commenced deliveries in a phased manner with Bengaluru to begin with from 7th of this month. The introduction of an affordable e-scooter is part of the company's plans to have a portfolio of three scooters, one performance bike and possibly a four-wheeler in the next three years, Simple One founder and CEO said. "Rs one lakh to Rs 1.30 lakh is the affordable price point for a low-end scooter with minimal performance. This is what would matter to the customers. And we are working on those price points and looking to compete with those brands," Rajkumar said, adding that the e-scooters, will be launched in the next quarter. <keyword id="6360326" type="General" weightage="50" keywordseo="electric" source="Orion">Electric</keyword> two-wheeler sales in the last fiscal surged over two-and-half fold year-on-year to 8,46,976 units (based on data sourced from OEMs), EV manufactures body SMEV had said in April. Of this, the industry saw sales of 1.2 lakh low-speed e-scooters with top speed less than 25 km/hour, while the total sales of high-speed E2W (top speed more than 25km/hr) stood at 7,26,976 during the year. Rajkumar said Simple Energy has shelved plans to develop a vehicle for the last-mile delivery as almost 90 per cent of the market has already been covered by the earlier entrants. Simple Energy's focus will be to develop the B2C model more going forward, he said, adding that the company is working on the charging infra, which is expected to go live in August, Rajkumar said. On funding, he said "we have a great pipeline of existing and new investors in our USD 100-million fund-raise plan for production and expansion." Besides, the company is also tapping in family-offices globally for this round of funding, he said. Earlier in February this year, Simple Energy had raised USD 20 million in a bridge round from a clutch of investors to ramp up production. The company has a manufacturing facility in Shoolagiri in Tamil Nadu with an annual capacity of around 5-lakh units.

Simple Energy plans to roll out 2 new affordable e-scooters in next quarter

<ul><li>The government is reportedly looking to revamp the FAME-II scheme for <keyword id="3064658" type="General" weightage="20" keywordseo="electric-two-wheelers" source="Orion">electric two wheelers</keyword>.</li><li>The government is expected to slash the cap of subsidy on electric two wheelers from the existing 40% of the ex-factory price to 15%.</li><li>The move is aimed at providing the subsidy to a larger number of vehicles.</li></ul> The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was introduced by the government to promote the adoption of electric vehicles in the country by subsidising the cost of vehicles. According to a<a href="https://auto.economictimes.indiatimes.com/news/two-wheelers/e-scooters-may-get-pricier-on-proposed-subsidy-cut/100315879"> report</a> by Economic Times, the Ministry of Heavy Industries has recommended the government to slash the cap of subsidy on electric two wheelers from the present 40% to 15% of the ex-factory price. This, the officials said, will help to spread the incentive to a larger number of vehicles. The proposal will be sent to the Programme Implementation &amp; Sanctioning Committee (PISC) of FAME India which will take a final call on the implementation. <cmsannotation type="cmsannotation" annotationid="Move aimed to provide subsidy to more vehicles" comment="subhead" text="Move aimed to provide subsidy to more vehicles">Move aimed to provide subsidy to more vehicles</cmsannotation> According to officials familiar with the matter, the move is aimed at increasing the proliferation of electric two wheelers in the market. This will allow the government to provide subsidies to more vehicles with the funds available under the scheme. In addition to this, part of the subsidy allocation for three-wheelers which hasn’t been used will also be utilised for two-wheelers. “If we continue per unit subsidy at present levels, the allocation for electric two-wheelers will be exhausted in the next two months, despite raising the earmarked amount,” an official told ET. With the addition of ₹1,000 crore of unutilized funds from three-wheelers, the allocation for electric two-wheelers under the FAME-II scheme will be increased to ₹3,500 crore. Once the percentage of subsidy is lowered, we estimate that 10 lakh electric two two-wheelers can be supported by FAME India till February 2024," the official added. <cmsannotation type="cmsannotation" annotationid="Electric two wheelers may get costlier" comment="subhead" text="Electric two wheelers may get costlier">Electric two wheelers may get costlier</cmsannotation> While electric two-wheeler companies such as Ola, TVS and Ather have not commented on the proposed changes, this is expected to impact the per unit cost of scooters and may result in electric two wheelers becoming costlier. Business Insider India has reached out to Ola Electric, TVS Motor and Ather to understand the impact of the proposed changes and is yet to hear back from the companies. We will update the story once the companies respond. A<a href="https://www.businessinsider.in/business/auto/news/unpaid-subsidies-worth-1200-crore-leading-to-serious-liquidity-crisis-among-ev-makers-says-industry-body/articleshow/99589401.cms"> petition</a> sent by the Society of Manufacturers of Electric Vehicles (SMEV), an association of Indian EV manufacturers, had revealed that ₹1,200 crore worth of subsidies have been withheld by the government. This was reportedly done due to alleged violations of the localisation norms and fraudulent claiming of subsidies. Soon after this, companies like Ola and Ather<a href="https://www.businessinsider.in/business/auto/news/ola-electric-ather-to-refund-charger-cost-to-e-scooter-buyers/articleshow/99988313.cms"> announced</a> that they will refund the cost of chargers to buyers. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a> <a href="https://www.businessinsider.in/business/auto/news/unpaid-subsidies-worth-1200-crore-leading-to-serious-liquidity-crisis-among-ev-makers-says-industry-body/articleshow/99589401.cms">Unpaid subsidies worth ₹1,200 crore leading to ‘serious liquidity crisis’ among EV makers, says industry body</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme

State-run Convergence Energy Services Ltd (<keyword id="10463872" type="General" weightage="100" keywordseo="cesl" source="Orion">CESL</keyword>) on Thursday launched the biggest ever tender worth about Rs 5,500 crore to procure as many as 5,580 electric buses including 130 double deckers. CESL, a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), on Thursday announced the floating of a request for proposals for the biggest ever demand for electric buses, under the '<keyword id="3770942" type="General" weightage="50" keywordseo="grand-challenge" source="Orion">Grand Challenge</keyword>' -- a set of homogenized demand for electric buses aggregated across five major cities, according to a statement. It said the tender value is estimated to be Rs 5,500 crore. The cities to be covered under this "Grand Challenge" are Bangalore, Delhi, Surat, Hyderabad, and Kolkata in the first phase. The first lot of e-buses are expected to hit the roads by July this year, it added. Through this 'Grand Challenge', CESL aims to deploy 5,450 single decker buses and 130 double decker buses. "This <keyword id="12993980" type="General" weightage="20" keywordseo="grand-challenge-tender" source="Orion">Grand Challenge Tender</keyword> represents efforts by so many people STUs, OEMs, financiers, <keyword id="2665691" type="General" weightage="20" keywordseo="niti-aayog" source="Orion">Niti Aayog</keyword>, DHI and of course my colleagues. This is the biggest ever scheme in the world, and is based on an innovative, asset-light model that makes it possible for STUs to deploy affordably and at scale," Mahua Acharya, MD &amp; CEO, CESL said. CESL intends to enhance its support to state governments in achieving their electric mobility targets as well as further build an infrastructure for electric mobility in the country. "Standardizing tendering conditions in diverse cities is a big step towards the transformation of public transport in India. Participation in the Grand Challenge is a commendable effort from STUs, who I am sure will stand to gain from economies of scale through the aggregation of demand by CESL," Amitabh Kant, CEO, NITI Aayog said. This is seen as a big step in the series of initiatives to fulfill the commitments made by Prime Minister Narendra Modi for making India a Net Zero nation by 2050 and getting closer to achieving <keyword id="407916" type="General" weightage="20" keywordseo="energy-independence" source="Orion">Energy Independence</keyword> by 2047, the statement said. "I am pleased to announce today that Delhi has requested 1,500 buses under the Grand Challenge and stands ready to offer state subsidies where they are required. We are aggressively pursuing electric mobility and I commend CESL for its efforts to standardize the terms and conditions for how this is delivered," Kailash Gahlot, Transport &amp; Environment Minister of Delhi said. The benefits of participating in the Grand Challenge include lower prices realized due to aggregate demand, high quality benchmarked technology, access to FAME-II incentives, access to state incentives, air quality improvement, and access to domestic and international sources of finances. Keeping in mind the changing environment, where climate change related issues and energy independence have turned the focus on EVs, CESL will later be expanding support to more cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bring-ev-financing-under-priority-sector-lending-urges-smev/articleshow/89013954.cms">Bring EV financing under priority sector lending, urges SMEV</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-mining-continues-to-get-more-difficult-despite-crackdowns/articleshow/89013587.cms">Crypto mining continues to get more difficult despite crackdowns</a>

CESL launches biggest ever tender worth ₹5,500 crore for 5,580 electric buses

New Delhi, Jan 5 () Following are the top business stories to be released on Sunday:-
 
BIZ-SWISSBANKS-TRUSTS
Black money probe: Tax haven trusts come under scanner for Swiss bank accounts
New Delhi/Berne: A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by parking of illicit funds in Switzerland-based banks, as per notices issued to those entities.
 
BIZ-FINMIN-BANKS
Govt unlikely to announce capital infusion for PSU banks in Budget
New Delhi: The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to expedite recovery of bad loans and raise funds from the market.
 
BIZ-UNLISTED COMPANIES
Govt plans quarterly, half-yearly fin statement reporting norm for unlisted cos
New Delhi: Unlisted companies might soon be required to submit their financial statements to the government on a quarterly or half-yearly basis, an official said.
 
BIZ-WORLDBANK-EASE-BUSINESS
World Bank's ease of doing biz: DPIIT focusing on 6 parameters to push India's ranking
New Delhi: The Commerce and Industry Ministry has prepared a blueprint to further improve India's ranking in the World Bank's ease of doing business index with a focus on six parameters, including enforcing contracts and starting a business, an official said.
 
BIZ-SMEV-FAME
Electric 2-wheeler makers learning to survive without subsidy,FAME II not worked:SMEV
New Delhi: Mass segment electric two-wheeler makers are learning to "live without government support" as FAME II scheme to promote electric mobility has not met its objective, according to industry body SMEV. MKJ MKJ

Business advisory

New Delhi, Apr 8 () The coronavirus pandemic and the ongoing lockdown will lead to shake-out in electric two and three-wheeler industry with smaller players unable to survive the "extreme short term" folding up, according to Society of Electric Vehicle Manufacturers (SMEV). However, in the long run there is a silver lining as electric vehicles will find more acceptance with people now realising how air quality and environment has improved during the stay-at-home period with internal combustion engines staying off the roads, SMEV Director General Sohinder Gill told . "It is a day-to-day operation these days and monitoring being done everyday basis because in the network across India all shutters are down, which means for the last 25 days the retail is zero," he said when asked about the situation on the ground at present. Apart from the uncertainty of when the lockdown will be lifted, he said it is also unclear if the customers will really come back to showrooms as discretionary spends will always be secondary. "No one is going to purchase automobiles so soon and within that electric vehicles, which were already having a question mark, people will have second thoughts," Gill said. He further said with showrooms closed, the biggest issue is that of finance due to lack of sales. "If the retail earnings stop you cannot order materials. So many of the small and medium players who don't have deeper pockets are already passing through extreme cash crunch situation. You will find that in the process closure of some of the smaller players who are not able to linger on...It is an extreme short term view," Gill said. Only the players who have some sort of back support, being part of a parent organisation or are flush with funds or has a perspective of persevering through this phase, would be able to sail through, he added. Gill further said startups which are well funded will also be able to manage but those who were trying to put ideas together and bring a product to the market, seeking investment will pass through a tough time. "Their progress would be delayed by a year or so. There will be a time lag...There will be a lot of churning, specially in electric two and three-wheelers," he said. On the positive side, he said many fly by night small operators, who were creating negativity in the market with their sub-standard products and aftersales service, are expected to stop operations thereby leaving behind only serious quality players in the market. Commenting on the long-term, he said there is a "silver lining" in the coronavirus pandemic as there has been a drastic improvement in air quality and environmental pollution when internal combustion engines have been off the roads during the lockdown. "Even in the larger perspective of government level or industry level or at consumer level, this is a revelation that how much air can be cleaner or how much atmosphere can be better if there is some sort of control if there is a substitute available," he said. The only substitute available now is those electric vehicles on the road, Gill said, adding "we believe this will also play in the mind of customers and in the mind of policy makers this will become an important point." Also, with people expected to stay away from public transport for sometime in post-coronavirus scenario, he said with EVs, specially low cost two-wheelers offering affordable option, there would be more acceptance for such vehicles with enabling government policies. RKL RKL ANUANU

Coronavirus: Shake-out in electric two, three-wheeler segment expected in short term

<ul><li>EVs have seen massive popularity across the world and in India, even the Narendra Modi government has been boosting its growth.</li><li>Experts believe that the impact of crashing oil prices on EVs will only be for the short term.</li><li>Instead the <keyword id="186291" type="ORGANIZATION" weightage="20" keywordseo="EV">EV</keyword> segment is poised to take over this crisis as an opportunity for bigger growth.</li></ul>This week, an unprecedented incident happened – the US crude oil prices crashed and went into negative territory. As factories are shut, <keyword id="20632" type="ORGANIZATION" weightage="20" keywordseo="Cars">cars</keyword> staying off the roads, there is not much demand for oil. But it’s price crash could soon have an impact on the automobile sector, especially the electric vehicle segment. EVs have seen massive popularity across the world and in India, even the Narendra Modi government has been boosting its growth. But as fossil fuels get cheaper, <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> could look even more expensive in comparison. However, experts believe that the impact on EVs will only be for the short term. “Weak consumer sentiments in the short team will result in delayed discretionary spending which will definitely have an impact on the overall sector and the EV segment as well. The precipitous fall in oil prices may widen the total cost of ownership gap between an IC and a EV platform in the short term,” said Vinay Raghunath, Partner and Leader, Automotive sector, EY India. He added that there will be an increasing segment of customers in the medium term who will value the overall economic impact as a significant purchase criteria aided by a build-up of EV infrastructure across cities. “While in the short term, the current oil prices may delay adoption of EV platforms there will continue to be a concerted effort by all stakeholders to drive EV growth in India over the medium term,” said Raghunath. Pranav Jain, an <keyword id="32870" type="COMPANY" weightage="20" keywordseo="Auto">auto</keyword> consultant, said that in India, the final price of oil to the consumer will not change as much. The government is also considering an excise duty hike to compensate for the falling crude prices. “This means that limited benefits or drawbacks are passed on to consumers making the recent <keyword id="8891154" type="UNKNOWN" weightage="20" keywordseo="oil-price-crash">oil price crash</keyword> a bounded opportunity for growth of either ICE or electric vehicle sales. But, if used strategically, this factor could give a major boost to EV adoption post-Covid recovery,” said Jain. But the slump in the EV sector is not restricted to falling oil prices alone. New <keyword id="7389594" type="UNKNOWN" weightage="20" keywordseo="EV-launches">EV launches</keyword> could be delayed India was ramping up for a slew of EV car launches this year from the bigwigs like Tata, Maruti Suzuki and more. In fact, EV sales in India hit 156,000 in FY20, up from 130,000 the previous year, said the Society of Manufacturers of Electric Vehicles (SMEV) on Monday. But with the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> lockdown, things could change. New car launches have been delayed and a weak consumer sentiment even after lockdown could mean people will refrain from big buys. For auto manufacturers too it's a difficult time as most of their manufacturing parts come in from China, where the coronavirus pandemic began. So, their supply has been affected for a long time now. “Due to Covid-19, major EV manufacturing facilities including Tesla’s Shanghai plant are stranded leading to ambiguity in newly built supply chain ecosystems and energy distribution channels. But strong resilience can be seen from major passenger vehicle manufacturers from Europe and the US and major commercial vehicle manufacturers from China. A slump in EV sales can definitely be forecasted but the causing factors are not centred around oil,” said Jain. Jain believes that the EV segment will bounce back with a V-curve growth. See Also: <a href="https://www.businessinsider.in/india/news/naveen-jindal-reveals-that-jspls-steel-exports-have-spiked-since-covid-19-outbreak/articleshow/75340212.cms">Naveen Jindal reveals that JSPL's steel exports have spiked since Covid-19 outbreak</a>

Crashing oil prices and coronavirus might delay growth of electric vehicles but not indefinitely

New Delhi, Jan 1 () Leading electric two-wheeler maker Hero Electric has put on hold investment of up to Rs 700 crore by a year with the sector taking a nosedive as FAME II, scheme aimed to promote electric vehicles, has failed to deliver, according to a top company official.
 Calling for a complete revamp of the policy, the company wants the government to include low speed two-wheelers for subsidy arguing that for mass adoption of electric vehicles (EVs) in India these cost effective vehicles are critical.
 "From an industry standpoint, there was a certain trajectory which was going on when we had FAME I. With the coming in of FAME II, whatever be the logic and reason, the manner in which FAME II was introduced, the whole industry took a downturn and now the industry is recovering from that," Hero Electric Managing Director Naveen Munjal told .
 As per Society of Manufacturers of Electric Vehicle (SMEV), sales of FAME II qualified electric two-wheelers in April-December 2019 period stood at just 3,000 units as against 48,671 units in the year-ago period when FAME I was in place, a decline of 93.84 per cent.
 Under FAME I, low speed two-wheelers with top speed of up to 25km/hr had qualified for incentives of up to Rs 17,000 and Rs 22,000 for high speed ones.
 However, under FAME II, which came into effect from April 1, 2019, electric two-wheeler are mandated to have a minimum range of 80 km per charge and minimum top speed of 40 kmph to qualify for an incentive of Rs 20,000.
 CRISIL had predicted that more than 95 per cent of the electric two-wheeler models produced earlier would not be eligible for incentive under FAME-II.
 When asked about the impact on the company's future investments, Munjal said, "we had to push back the plans. Fund raise has been pushed back to next year, so are the investments."
 Earlier in August 2019, the company had said it was looking to invest around Rs 700 crore in the next three years to ramp up production capacity of its electric scooters to 500,000 units annually from about 100,000 units. It was looking to raise fund for the same by roping external investors.
 Munjal said the company lost four months in the beginning of the year on completely homologating products for FAME II.
 "It has taken a lot of time. Technically, one year is almost wiped out from our balance sheet," Munjal said, adding it made no sense to go ahead with investments as the company had to first get the products out of the door.
 He, however, said the company is now getting back on track and has started working on capacity increase, "which we should have done six months back".
 Calling for a total re-look at FAME II, Munjal said, "FAME II has not delivered for sure... The policy has to be completely changed. If the industry has to pick up then it has to be from ground-up. What we have been saying is that it has to be the low-speed vehicles, which have to be targeted for masses."
 Arguing that 95 per cent of electric two-wheelers is low-speed in India, he said, "If you have to really make this (EV) industry work, you have to focus at the base of the pyramid and the base is the low-speed. Everything else can ride on top of it, we are not saying you dissuade others."
 He cited examples of Europe, China, US and Japan, where low speed electric two-wheelers are supported by the government for mass adoption.
 "When we look at electric two-wheeler mobility around the world, it is all low-speed," he said adding efficiencies are at only at a particular speed band in electric two-wheelers and high speed EVs are expensive thereby making it unsuitable for a "price sensitive" market like India. RKL DRR

Rs 700-cr investment on hold by a year; FAME II failed to deliver: Hero Electric

With the rising levels of air pollution in the country, the electric vehicle segment is hoping that the Modi government will finally take steps to bolster the growth of this otherwise dormant auto segment in the upcoming Budget 2016. 
 “Pure <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">Electric Vehicles</keyword> need to be nurtured in a different way than Hybrid vehicles. At present the manufacturing base of the electric components and the batteries for the electric vehicles is almost non existent, neither do we have the public charging infrastructure to support such electric vehicles. Amongst other things, the following need to be done to trigger a growth in pure electric vehicles, particularly the electric two wheelers and small cars,” says Sohinder Gill, director, Corporate Affairs, Society of Manufacturers of Electric Vehicles (SMEV). 
 
He adds, “In the previous union budget 2015-16, FAME India (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) policy was unveiled by the Central government. It has been a good step to create a fine eco-system for faster adoption of green vehicles in the country. In NEMMP, the largest potential of reduction in the pollution and the crude oil consumption was anticipated out of electric two wheelers and small cars, however their sale has not picked up.” 
 
Thus, looking at the current scenario and the possible return of the odd-even scheme in the city, BI India lists down their expectations from the Union Budget 2016. 
 
1. Govt should provide infrastructure support for setting up charging stations in at least top 50 cities where there is a significant population of EVs. Unless, a city is well populated with charging stations, people will be reluctant to migrate to electric vehicles. 
 
2. The industry also needs financial and technology support in the area of technology development and “make in India" specially related to next generation electronic, electric and battery technology. 
 
3. Another issue is related to availability of finances. Banks have been reluctant to provide loans for the purchase of electric two wheelers. The centre needs to direct public banks to offer loans at a zero-interest rate. 
 
4. Make a rule that only electric bikes would be permitted to be used as 2W taxi or for food/ E-com deliveries. Allow 100% depreciation on the battery swapping and charging stations put up by the e taxi/ e commerce companies and subsidy on 2nd lithium battery for such usage 
 
5. The Centre needs to maintain 6% Import duty on CKD and local components for next three years at least or better, till the time the domestic manufacturing eco-system is fully developed. 
 
6. Government and public sector offices should convert part of their fleet to electric and should heavily incentivise employees to convert to electric vehicles. 
 
7. We are positive that if these measures are taken, we will have a vibrant eco-system for electric vehicles in the country and we all know that green mobility is the need of hour.” 
 
Well, here’s hoping Modi government does announce reforms to boost the growth of electric vehicles in the country.

Can the Modi Govt boost this auto segment in Budget 2016?

Touted as the future of the auto industry across the world, electric vehicles unfortunately have failed to take off in India. What could have been a terrific alternative to the conventional cars, especially in the times of rising air pollution and the subsequent odd-even formula, has miserably failed to even make a mark in the minds of the commuters. 
 “The sale of electric vehicles has not picked up the way it was expected to and we do not see it picking up aggressively unless four basic issues are not addressed,” said Sohinder Gill, president of <keyword id="481834" type="ORGANIZATION" weightage="100" keywordseo="Society-of-Manufacturers-of-Electric-Vehicles">Society of Manufacturers of Electric Vehicles</keyword> (SMEV) and CEO of Hero Electric Motors. 
Gill attributed the dismal numbers, 5,000 units sold in June 2015 as against 4,000 units in the corresponding period last year, to the fact that these cars still haven’t reached the minimum threshold. According to him, the segment can attract large investments only when there are at least a million units on the road. 
 “If there are at least a million <keyword id="6358835" type="UNKNOWN" weightage="100" keywordseo="Electric-cars">electric cars</keyword> on the road, only then will it encourage manufacturers to invest in this proposition. But we are nowhere near that. That is because the policies still have a lot of loopholes, which has dissuaded manufacturers from investing in capacity building or advertising. This segment has not attracted any new player while the existing ones are still struggling,” he told BI India. 
 
Launching an electric vehicle is a capital intensive investment if one wants to be a serious player in the segment. A manufacturer cannot have the same design board that they have for a petrol or diesel car. If they do, then they will end up with a product that has a lot of inefficiencies. There were about 60 players who actually played around in the two-wheeler electric vehicle segment, bought parts from China and Taiwan and assembled a product. 
 
The electric automotive industry is classified into two categories—electric four-wheelers and two-wheelers. Till date, it is the two-wheelers that have managed to make a mark to some extent in the overall auto industry. The basic theory behind the sale of two wheelers is budget. Two wheelers are sold more on its economic value than lifestyle, except motorcycles to an extent. 
 
However, when it comes to a car, electric vehicles are nowhere close to their fuel counterpart in terms of styling, comfort or prestige. “In India, the cars are still positioned as a status symbol, which electric vehicles lack presently,” added Gill. 
 
Besides, the mindset for buying a four-wheeler is also to travel in comfort. After all, when one buys a car, it is intended to be used for long distances. But currently the infrastructure for charging electric vehicles is not there. Hence, the volume sale of electric vehicles hasn’t happened yet. 
 
According to him, the government should have undertaken the task of building charging points in the country as it would be a public property. “Why should a private player invest in this when it would be a public property,” he cited. 
 
It must be noted that Hero and Reva had come up with electric vehicles but could not be successful in the market. “It didn’t create any impact simply because we don’t have the infrastructure. But we did get mileage from the product,” chuckles Gill. 
 
Image credit: IndiaTimes

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